Dear MLG Team members
and dear ICAI Students,
as per ICAI Guidelines, a Audit Programme is good to start with
now what things you must see
What are the things that you must see during voucher audit ?
Detailed vouchers Audit ?
What are the MLG standard Audit points ?
Focus : MSME Manufacturing Companies
Audit Checklist MSME Manufacturing Companies
made for MLG Associates Audit Articles
Purchase voucher Audit
Date : Maybe the voucher is pertaining to next year – or last year – talk to your Audit Supervisor
Amount
TDS is proper – Section ? Rate ? Account ?
ITC is proper ? IGST vs C/S
Place of supply – if wrong… highlight
ineligible ITC GST — seen ?
All vouchers are booked or not ( in the bundle )
fake voucher ? Risk mitigation
Entry on basis of only a photocopy bill / unsigned bill ( risk of double )
Second entry of same bill….. By small prefix change / suffix change
manipulation in voucher supportings
Totalling mistake done ( by mistake or by choice )
Ledger heading is ok – which type of purchase, should go into whch head
Duplicate copy for transporter is being used as the main copy… Risk of double entry
Unsigned bill from vendor side- Rule 46 non compliance
Wrong GST number of customer written by vendor
Wrong Name of customer written by vendor
Wrong address used… which is not In the GST portal
Debit Note made or not… when the customer has noted that on the bill
Wrong GST rate used
Vendor has put IGST instead of CGST or SGST.
Voucher print was stapled on the invoice or not ?
Gate Entry stamp is there or not ? If missing.. Then how will GST input be valid
QC stamp — on invoice or on the MRR, …. In some larger companies like CHPL, MINV
Cash voucher audit
Date
Amount
TDS is proper?
ITC was there then why cash voucher .. why not via purchase voucher series.. else how 3B will be ok ?
5Cash over Rs 10000 in a day
6ineligible ITC GST — seen ?
7All vouchers are booked or not ( in the bundle )
8fake voucher ? Risk mitigation
9manipulation in voucher supportings
10Totalling mistake done ( by mistake or by choice )
11double booking — once via vendor account, 2nd by imprest account
12Ledger heading is ok
other series like
57 seriessame as above
5A seriessame as abovespecial focus on TDS….
Special focus on why ?
since sometimes MRR will not be applicable
5B seriessame as 50 and 5A
Debit notes same as aboveplus logic , reasonableness, reason , writeup ?
Credit notes same as aboveplus logic , reasonableness, reason , writeup ?
51 series
same as aboveplus logic , reasonableness, reason , writeup ?
for job work
special focus on TDS….
Special focus on why ?
since sometimes MRR will not be applicable
Sale invoices
cuttings ?
unsigned ?
not signed by the Regd authorised signatory ?
proof of goods reaching the customer / in case of export … Customs dept ?
Export invoices
booked for wrong USD rate ( must use the customs export shipping bill copy rate )
